I am looking to enter the USDJPY pair with a short position as i believe that the trend line will be respected. TP will be at identified support on 4H timeframe
Note
Take profit target has been successfully reached. Next i will look at price action at this area to guide my next trade. Ideally, i will be looking for a short opportunity if UJ can break out of current 107.087 support and sell on pull back. This will be a safer trade as it is in line with the longer term bearish trend. On a riskier side, if prices break through the descending trendline, i will buy with a small position to catch a scalping trade.
For now, let us see what happens
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.